Used-Car Sales in U.S. Grew 4% in 2012

Sales of used cars and light trucks in the U.S. increased to 40.5 million units in 2012 from 38.8 million units the previous year, according to Manheim Consulting Group. Last year marked the sixth consecutive annual gain in used-vehicle sales.

Prices of used compact and luxury cars fell 3% and 2%, respectively, in 2012, Manheim says. Values were little changed for vans, SUVs and crossover vehicles. Prices rose 3% for pickup trucks and 2% for midsize cars.

The firm's Used Vehicle Value Index, which tracks trends in vehicle prices independent of shifts in model mix, slipped from an average 124.9 in 2011 to 123.6 in 2012, the first year-over-year decline in three years. But last year's reading still indicates the second-highest vehicle values since the index began in 1995.

Manheim reports that deliveries of new vehicles to rental companies jumped 11% to 1.6 million units last year, the highest level since 2007. That will likely result in a strong flow of newer models into the used-car market this year, the firm notes. It says Detroit automakers accounted for 60% of those rental sales.